This may not provide much, if any performance benefit; however, it will fetch only the attribute value and no other columns:
$collection = Mage::getModel('catalog/product')
->getCollection()
->addAttributeToFilter('entity_id', $_item);
$collection->getSelect()
->reset('columns')
->columns(array('[custom attribute code]'));
$value = $collection->getFirstItem()
->getData('[custom attribute code]');
You could also use direct SQL, though I wouldn't recommend it unless performance were a real issue:
$connection = Mage::getSingleton('core/resource')->getConnection('core_read');
$sql = <<<SQL
SELECT `value`
FROM catalog_product_entity_[backend type]
WHERE entity_id = {$_item}
AND attribute_id = [attribute ID]
SQL;
$row = $connection->fetchRow($sql);
$value = $row['value'];